The plan for a new housing development call for the construction of a large number of residential homes.A marketing expert tells the owner that because of the poor location of development,20 of the houses which are sold will be sold at a loss.A financial consultant asserts 10% of the houses will be sold at a loss.the building contractor states that only 5% of the houses will be sold at a loss. I.if the owner feels that the market consultant is 5 times as reliable as the building contractor,what prior probabilities should the owner assign to these percentages. II.if 8 houses are actually built and sold,and 2 of the houses are sold at a loss,what posterior probabilities should the owner assign to the 3 percentages?